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Question 9
It has been discovered that goods with a cost of $6 million, which had been correctly included in the count of the inventory at 31 March, 2010, had been invoiced in April 2010 to customers at a gross profit of 25% on sales, but included in the revenue (and receivables) of the year ended 31 March, 2010. What adjustment is necessary (if any) to correct the above situation?->
Why not
inventory decrease by 6,000
Cost of sales increase by 6,000
because the goods have been invoiced; i am confused sir.
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